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The author draws attention to a worst case scenario that predicts a cease of global advancement on the economic pathway as a result of new or old threats (such as a change in human aptitudes, demographic changes, underconsumption, secular stagnation, technological unemployment, uneven distribution of reward, lack of fresh water and global warming) to which human creativity and innovation will be unable to provide a prompt or right answer.
A year before FDR's speech, Frank had taken the opposite point of view, writing that: "To say that we are now or shall be for a long stretch of decades to come at the point where humanity is surfeited with goods and services it does not need for better living is, to me, too incredible to consider seriously." (45) To the contrary, he pointed out that the "underconsumption to-day represented by poverty is more than enough to absorb the danger of over-production." (46)
Two indirect energy affordability (or energy poverty) indicators can be used [51, 52]: (a) payment discipline, particularly (but not exclusively) in locations where network suppliers cannot stop supply to those who do not pay; and (b) underconsumption when households cannot afford paying as much as is required to ensure sanitary and comfort conditions in their homes (one housing affordability indicator is the housing cost overburden rate, showing the share of population living in households that spend 40% or more of the household disposable income on housing.
The Race to the Bottom is also at the roots of chronic or recurring regional and global economic crisis, which is traceable to a major contradiction: the global overproduction of goods created in low-cost production platforms or value chains organized by the transnational firms and the global underconsumption of the same goods and services because the mass purchasing power of the working people is eroded in an unequal labor market.
Martin objects to the terms 'overproduction', which implies that all human needs have been met, and 'underconsumption', since the difficulty arises with respect to the purchase of goods, not in their consumption.
As the author Eric Solsten has pointed out, Germany seems not only to display an "export mystique" but a pattern of deliberate underconsumption that boosts its trade surpluses.
Moreover, this lack of critical knowledge has had major repercussions for policy debates postcrisis--for example, leading to the framing of the crisis as solely an issue of government spending and ignoring important economic issues such as underconsumption, itself an issue of inequality.
The energy company has requested that PS7.6m be repaid by Utilitywise after it discovered "levels of underconsumption in certain contracts." The problem relates to contracts put in place before August 2016.
The combination of a theory of core-periphery and a theory of underconsumption provides an explanation of the dependency relationships between the European economies and of the spillover effects of Eurozone crisis to the Western Balkans.
Beginning with Keynesian underconsumption theory, he points out that those who fret about a lack of consumption fail to recognize that shifts from consumption to investment results not in a decrease in total spending, but merely in a shift in spending.